OPPENHEIMER MULTIPLE STRATEGIES FUND
                Supplement dated August 21, 1998 to the
                        Prospectus dated January 23, 1998

The Prospectus is changed as follows:

1. The supplement dated May 15, 1998 to the Prospectus dated January 23, 1998 is
deleted and replaced with this supplement.

2. Footnote number 1 under the table entitled "Shareholder Transaction Expenses"
on page 3 is modified to read as follows:

    (1) If you invest $1  million or more  ($500,000  or more for  purchases  by
    "Retirement Plans" as defined in "Class A Contingent  Deferred Sales Charge"
    on page 33) in Class A shares,  you may have to pay a sales  charge of up to
    1% if you sell your  shares  within 18  calendar  months from the end of the
    calendar  month during which you  purchased  those  shares.  See "How to Buy
    Shares -- Buying Class A Shares," below.

3. The third  sentence  under the  caption "A Brief  Overview of the Fund -- Who
Manages the Fund?" on page 6 is replaced with the following:

     The Fund's  portfolio  managers,  who are  employed  by the Manager and are
     primarily  responsible  for the  selection  of the Fund's  securities,  are
     Richard H. Rubinstein, David P. Negri, George Evans and Michael S. Levine.

4. The paragraph titled  "Portfolio  Manager" on page 22 is deleted and replaced
with the following:

     o  PORTFOLIO  MANAGERS.  The  portfolio  mangers of the Fund are Richard H.
     Rubinstein,  David P. Negri, George Evans and Michael S. Levine. In August,
     1998, Messrs.  Negri, Evans and Levine joined Mr. Rubinstein as the persons
     primarily   responsible  for  the  day-to-day   management  of  the  Fund's
     portfolio,  with Mr. Rubinstein having had this responsibility  since June,
     1990.  Messrs.  Rubinstein  and Negri are  Senior  Vice  Presidents  of the
     Manager,  and Messrs.  Evans and Levine are Vice Presidents of the Manager.
     Each also serves as an officer and portfolio  manager of other  Oppenheimer
     funds.


                                 -1-                      (CONTINUED)





5. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 28 is modified to read as
follows:

    If you  purchase  Class A  shares  as part of an  investment  of at least $1
    million ($500,000 for Retirement Plans) in shares of one or more Oppenheimer
    funds,  you will not pay an  initial  sales  charge,  but if you sell any of
    those  shares  within 18 months of  buying  them,  you may pay a  contingent
    deferred sales charge, described below.

6. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares-Class A Contingent  Deferred Sales Charge" on page 34 are
modified to read as follows:

    If you redeem any Class A shares  subject to the  contingent  deferred sales
    charge  described above within 18 months of the end of the calendar month of
    their  purchase,  a contingent  deferred  sales charge  (called the "Class A
    contingent  deferred  sales  charge")  may be deducted  from the  redemption
    proceeds. (A different holding period may apply to shares purchased prior to
    June 1, 1998).

7. The second  sentence of the fifth paragraph of the section  entitled  "Buying
Class A Shares-Class A Contingent  Deferred Sales Charge" on page 34 is modified
to read as follows:

However, if the shares acquired by exchange are redeemed within 18 months of the
end of the  calendar  month  of  the  purchase  of  the  exchanged  shares,  the
contingent  deferred  sales charge will apply.  (A different  holding period may
apply to shares purchased prior to June 1, 1998).

8. The  paragraph  entitled  "Special  Arrangements  With Dealers" on page 34 is
hereby deleted.

9. The  following  sub-paragraphs  of the section  entitled  "Waivers of Class A
Sales  Charges-Waivers  of the Class A  Contingent  Deferred  Sales  Charge  for
Certain Redemptions" on page 37 are deleted:

       o if, at the time of purchase of shares (prior to May 1, 1997) the dealer
    agreed in writing to accept the dealer's  portion of the sales commission in
    installments  of  1/18th  of  the  commission  per  month  (and  no  further
    commission will be payable if the shares

                                 -2-                      (CONTINUED)




    are redeemed within 18 months of purchase)

       o if, at the time of purchase of shares (if  purchased  during the period
    May 1, 1997  through  December  31,  1997) the  dealer  agrees in writing to
    accept the  dealer's  portion of the sales  commission  in  installments  of
    1/12th  of the  commission  per month  (and no  further  commission  will be
    payable if the shares are redeemed within 12 months of purchase)

10. The  section  captioned  "Shareholder  Transactions  by Fax" under  "Special
Investor Services" on page 43 should be revised to read as follows:

     OPPENHEIMERFUNDS  INTERNET WEB SITE.  Information about the Fund, including
    your  account  balance,  daily  share  prices,  market  and  Fund  portfolio
    information,  may be obtained by visiting the OppenheimerFunds  Internet Web
    Site, at the following  Internet  address:  http://www.oppenheimerfunds.com.
    Additionally,   certain  account   transactions  may  be  requested  by  any
    shareholder  listed  in the  registration  on an  account  as well as by the
    dealer representative of record, through a special section of that Web Site.
    To access  that  section of the Web Site,  you must first  obtain a personal
    identification  number  ("PIN") by  calling  OppenheimerFunds  PhoneLink  at
    1-800-533-3310.  If you do not wish to have  Internet  account  transactions
    capability   for   your   account,   please   call  our   customer   service
    representatives  at  1-800-525-7048.  To find  out  more  information  about
    Internet transactions and procedures, please visit the Web Site.


August 21, 1998                                               PS0240.014













                                   -3-





                      OPPENHEIMER MULTIPLE STRATEGIES FUND
                   SUPPLEMENT DATED AUGUST 21, 1998 TO THE
          STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 23, 1998

The Statement of Additional Information is changed as follows.

1. The Supplement dated May 15, 1998 to the Statement of Additional  Information
dated January 23, 1998 is deleted and replaced with this supplement.

2. The following is added after the  biography of Richard H.  Rubinstein on page
27:

      DAVID P. NEGRI, VICE PRESIDENT AND PORTFOLIO MANAGER;  AGE: 44 Senior Vice
      President of the Manager (since May,  1998);  previously Vice President of
      the  Manager  (June 1989 to May,  1998);  an officer of other  Oppenheimer
      funds.

      GEORGE EVANS, VICE PRESIDENT AND PORTFOLIO MANAGER; AGE: 39 Vice President
      of the Manager (since  September  1990) and HarbourView  Asset  Management
      Corporation (since July 1994); an officer of other Oppenheimer funds.

      MICHAEL S. LEVINE,  VICE  PRESIDENT  AND PORTFOLIO  MANAGER;  AGE: 33 Vice
      President of the Manager  (since June 1998);  previously an Assistant Vice
      President of the Manager  (April 1996 to June 1998) and an Analyst for the
      Manager;  formerly  portfolio  manager  and  research  associate  for Amas
      Securities,  Inc.,  before  which he was an analyst  for  Shearson  Lehman
      Hutton Inc.

3. The text under the caption  "Portfolio  Management" on page 30 is deleted and
replaced with the following:

     The  portfolio  mangers  of the Fund are  Richard H.  Rubinstein,  David P.
     Negri, George Evans and Michael S. Levine. In August, 1998, Messrs.  Negri,
     Evans and Levine joined Mr. Rubinstein as the persons primarily responsible
     for the day-to-day management of the Fund's portfolio,  with Mr. Rubinstein
     having had this  responsibility  since June, 1990.  Messrs.  Rubinstein and
     Negri are Senior Vice  Presidents  of the  Manager,  and Messrs.  Evans and
     Levine are Vice  Presidents of the Manager.  Each also serves as an officer
     and portfolio manager of other Oppenheimer funds.

4. The third  sentence of the fourth  paragraph in the section  entitled "How To
Exchange Shares" on page 51 is revised to read as follows:

      However,  if you redeem  Class A shares of the Fund that were  acquired by
      exchange of Class A shares of other Oppenheimer funds purchased subject to
      a Class A contingent  deferred sales charge within 18 months of the end of
      the calendar  month of the purchase of the exchanged  Class A shares,  the
      Class A contingent deferred sales charge is imposed on the redeemed shares
      (see "Class A Contingent  Deferred  Sales Charge" in the  Prospectus).  (A
      different  holding period may apply to shares  purchased  prior to June 1,
      1998).

August 21, 1998                                                     PX0240.006